Ohio Valley Banc Corp. Reports 2nd Quarter Earnings
Ohio Valley Banc Corp. President and CEO,
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The Company’s total assets at
Ohio Valley Banc Corp. common stock is traded on the under the symbol OVBC. The holding company owns The Ohio Valley Bank Company with 17 offices in
Caution Regarding Forward-Looking Information
Certain statements contained in this earnings release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believes,” “anticipates,” “expects,” “appears,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including: (i) changes in political, economic or other factors, such as inflation rates, recessionary or expansive trends, taxes, the effects of implementation of federal legislation with respect to taxes and government spending and the continuing economic uncertainty in various parts of the world; (ii) competitive pressures; (iii) fluctuations in interest rates; (iv) the level of defaults and prepayment on loans made by the Company; (v) unanticipated litigation, claims, or assessments; (vi) fluctuations in the cost of obtaining funds to make loans; (vii) regulatory changes; and (viii) other factors that may be described in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission from time to time. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events.
OHIO VALLEY BANC CORP – Financial Highlights (Unaudited) |
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2024 |
2023 |
2024 |
2023 |
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PER SHARE DATA |
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Earnings per share |
$ 0.63 |
$ 0.68 |
$ 1.21 |
$ 1.50 |
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Dividends per share |
$ 0.22 |
$ 0.37 |
$ 0.44 |
$ 0.58 |
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Book value per share |
$ 30.94 |
$ 28.91 |
$ 30.94 |
$ 28.91 |
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Dividend payout ratio (a) |
35.48 % |
54.39 % |
36.51 % |
38.69 % |
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Weighted average shares outstanding |
4,740,073 |
4,776,520 |
4,762,923 |
4,774,999 |
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DIVIDEND REINVES™ENT (in 000’s) |
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Dividends reinvested under |
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employee stock ownership plan (b) |
$ – |
$ – |
$ 202 |
$ 193 |
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Dividends reinvested under |
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dividend reinvestment plan (c) |
$ 391 |
$ 637 |
$ 782 |
$ 1,147 |
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PERFORMANCE RATIOS |
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Return on average equity |
8.25 % |
9.46 % |
8.01 % |
10.63 % |
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Return on average assets |
0.86 % |
1.03 % |
0.84 % |
1.16 % |
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Net interest margin (d) |
3.74 % |
4.03 % |
3.68 % |
4.12 % |
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Efficiency ratio (e) |
73.37 % |
71.93 % |
72.41 % |
68.70 % |
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Average earning assets (in 000’s) |
$ 1,300,720 |
$ 1,171,792 |
$ 1,280,968 |
$ 1,156,896 |
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(a) Total dividends paid as a percentage of net income. |
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(b) Shares may be purchased from OVBC and on secondary market. |
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(c) Shares may be purchased from OVBC and on secondary market. |
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(d) Fully tax-equivalent net interest income as a percentage of average earning assets. |
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(e) Noninterest expense as a percentage of fully tax-equivalent net interest income plus noninterest income. |
OHIO VALLEY BANC CORP – Consolidated Statements of Income (Unaudited) |
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(in |
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2024 |
2023 |
2024 |
2023 |
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Interest income: |
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Interest and fees on loans |
$ 16,130 |
$ 13,293 |
$ 31,380 |
$ 25,569 |
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Interest and dividends on securities |
1,076 |
1,053 |
2,093 |
2,145 |
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Interest on interest-bearing deposits with banks |
1,446 |
671 |
2,863 |
1,097 |
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Total interest income |
18,652 |
15,017 |
36,336 |
28,811 |
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Interest expense: |
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Deposits |
6,102 |
3,091 |
12,001 |
4,923 |
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Borrowings |
587 |
312 |
1,182 |
552 |
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Total interest expense |
6,689 |
3,403 |
13,183 |
5,475 |
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Net interest income |
11,963 |
11,614 |
23,153 |
23,336 |
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Provision for (recovery of) credit losses |
181 |
24 |
932 |
513 |
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Noninterest income: |
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Service charges on deposit accounts |
731 |
653 |
1,456 |
1,264 |
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Trust fees |
101 |
82 |
205 |
168 |
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Income from bank owned life insurance and |
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annuity assets |
226 |
211 |
451 |
418 |
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Mortgage banking income |
40 |
44 |
79 |
91 |
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Electronic refund check/deposit fees |
135 |
135 |
675 |
675 |
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Debit / credit card interchange income |
1,223 |
1,215 |
2,368 |
2,388 |
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Tax preparation fees |
26 |
33 |
633 |
664 |
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Other |
219 |
340 |
530 |
812 |
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Total noninterest income |
2,701 |
2,713 |
6,397 |
6,480 |
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Noninterest expense: |
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Salaries and employee benefits |
6,186 |
5,841 |
12,353 |
11,725 |
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Occupancy |
537 |
485 |
1,006 |
947 |
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Furniture and equipment |
326 |
330 |
660 |
628 |
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Professional fees |
507 |
433 |
993 |
866 |
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Marketing expense |
221 |
241 |
446 |
482 |
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FDIC insurance |
161 |
142 |
309 |
280 |
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Data processing |
788 |
726 |
1,595 |
1,446 |
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Software |
541 |
588 |
1,162 |
1,150 |
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Foreclosed assets |
2 |
7 |
0 |
9 |
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Amortization of intangibles |
4 |
6 |
7 |
13 |
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Other |
1,590 |
1,616 |
3,073 |
3,141 |
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Total noninterest expense |
10,863 |
10,415 |
21,604 |
20,687 |
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Income before income taxes |
3,620 |
3,888 |
7,014 |
8,616 |
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Income taxes |
$ 648 |
639 |
1,249 |
1,459 |
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NET INCOME |
$ 2,972 |
$ 3,249 |
$ 5,765 |
$ 7,157 |
OHIO VALLEY BANC CORP – Consolidated Balance Sheets (Unaudited) |
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2024 |
2023 |
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ASSETS |
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Cash and noninterest-bearing deposits with banks |
$ 14,862 |
$ 14,252 |
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Interest-bearing deposits with banks |
92,817 |
113,874 |
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Total cash and cash equivalents |
107,679 |
128,126 |
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Securities available for sale |
162,749 |
162,258 |
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Securities held to maturity, net of allowance for credit losses of |
7,930 |
7,986 |
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Restricted investments in bank stocks |
5,016 |
5,037 |
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Total loans |
1,040,284 |
971,900 |
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Less: Allowance for credit losses |
(9,431) |
(8,767) |
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Net loans |
1,030,853 |
963,133 |
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Premises and equipment, net |
21,466 |
21,450 |
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Premises and equipment held for sale, net |
517 |
573 |
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Accrued interest receivable |
4,300 |
3,606 |
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Goodwill |
7,319 |
7,319 |
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Other intangible assets, net |
1 |
8 |
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Bank owned life insurance and annuity assets |
40,913 |
40,593 |
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Operating lease right-of-use asset, net |
1,114 |
1,205 |
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Deferred tax assets |
6,442 |
6,306 |
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Other assets |
7,018 |
4,535 |
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Total assets |
$ 1,403,317 |
$ 1,352,135 |
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LIABILITIES |
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Noninterest-bearing deposits |
$ 343,209 |
$ 322,222 |
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Interest-bearing deposits |
835,219 |
804,914 |
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Total deposits |
1,178,428 |
1,127,136 |
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Other borrowed funds |
42,056 |
44,593 |
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Subordinated debentures |
8,500 |
8,500 |
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Operating lease liability |
1,114 |
1,205 |
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Allowance for credit losses on off-balance sheet commitments |
629 |
692 |
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Other liabilities |
26,833 |
26,002 |
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Total liabilities |
1,257,560 |
1,208,128 |
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SHAREHOLDERS’ EQUITY |
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Common stock ( |
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2024 – 5,490,995 shares issued; 2023 – 5,470,453 shares issued) |
5,491 |
5,470 |
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Additional paid-in capital |
52,321 |
51,842 |
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Retained earnings |
118,531 |
114,871 |
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Accumulated other comprehensive income (loss) |
(11,907) |
(11,428) |
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Treasury stock, at cost (2024 – 779,994 shares; 2023 – 697,321 shares) |
(18,679) |
(16,748) |
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Total shareholders’ equity |
145,757 |
144,007 |
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Total liabilities and shareholders’ equity |
$ 1,403,317 |
$ 1,352,135 |
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